Bermuda-based XL Capital Ltd. paid retiring Chief Executive Officer Brian M. O'Hara $7.83 million in 2007, according to a proxy statement filed with the Securities and Exchange Commission.
The company's summary of top executives' compensation reported Mr. O'Hara's total take in 2006 was $9 million.
Yesterday the company announced that Mr. O'Hara would be replaced as CEO May 1 by former Safeco CEO Mike McGavick, but while retiring as CEO Mr. O'Hara will stay on as chairman until April 2009.
XL's filing said Mr. O'Hara last year received a $1 million salary, unchanged from 2006. He also was given a $1.5 million bonus, compared with $4.75 million in 2006. His package included $1.76 million in stock options.
He received an incentive bonus last year, something that was not paid him in 2006, amounting to $2 million. The company said he received $856,000 in stock and $684,471 in other compensation, which included retirement plan contributions, tax reimbursements, and housing and travel allowances.
A call to the company for more information was not immediately returned.
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